Kass Mailbag: Want your deposit back? Check the sales contract

11:36 PM,
May 25, 2013

Written by

Benny Kass
| For the Poughkeepsie Journal

Question: Last year, I signed a contract to purchase a fixer-upper. In the contract, I agreed to wait until the seller obtained his zoning variance. Now it is almost a year and the variance is still pending. I made a $1,000 deposit and would pay the balance in cash when everything is finished. However, the market has softened. I submitted a proposed addendum to the owner reducing the price, but that was not accepted. Can I still get some of my $1,000 back? Is there any excess charge for my withdrawal?

- Anh

Answer: The first place to look when trying to decide what rights or obligations one has is the ...